Treasury says Cadillac Lyriq isn’t an SUV; GM begs to differ

Washington — general motors On Friday, it said it hoped the U.S. Treasury Department would reconsider the classification of GM’s Cadillac Lyriq electric vehicle so it could qualify for a federal tax credit.

The Treasury Department and the Internal Revenue Service do not classify the Lyriq as an SUV. Electric carLyric car news Classified as a medium-sized crossover, now starting at $62,990. SUVs can be priced up to $80,000, while cars, sedans and wagons can only be priced up to $55,000.

“We are working with the Treasury to address these concerns, and we hope future guidance on vehicle classification will provide the clarity needed for consumers, dealers, regulators and manufacturers,” GM told Reuters. I look forward to it,” he said.

US Energy Secretary Jennifer Granholm said at CES late Friday that her agency was working on tax classification issues with the Treasury Department.

“We work in a very interlocking way. Our employees and their employees are always talking.” granholm customs car news Follow her CES address. “Our policy office is working directly with the Treasury Department to ensure that this guidance is published and communicated to stakeholders.”

GM said Treasury should use standards and processes similar to those of the EPA and the Department of Energy. “This will bring greater consistency across existing federal policies and greater clarity for consumers.”

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